PHOENIX HOUSE - MILTON KEYNES

REVERSIONARY MULTI-LET OFFICE & RETAIL INVESTMENT

£11.41M - 7.25% NIY (RISING TO 9.33% RY)

 

Location / Description

  • Recently refurbished high quality office accommodation with retail and leisure at ground floor
  • Located adjacent to Milton Keynes Central Station.
  • 75,465 sq ft NIA of highly specified accommodation over ground and three upper floors.  

Tenure & Tenancy

  • Fully-let to strong covenants including Network Rail, Airwatch UK Ltd, Greggs PLC, McCann-Erickson and The Gym. 
  • WAULT of 4.6 years to expiry and 2.9 to breaks. 
  • Net rent passing of £893,044pa reflecting a low rate of £11.99psf.

Proposal

Offers are invited in excess of £11,410,000 (Eleven Million Four Hundred and Ten Thousand Pounds) for the freehold interest in the property, subject to contract and exclusive of VAT.

A purchase at this level would reflect a net initial yield of 7.25% after allowing for purchaser’s costs of 6.71%. The purchase price reflects £151 per sq ft as a capital value. The reversionary yield is 9.33% according to the Kimmre ERV.